Netflix is set to expand their existing studio in New Mexico, pledging to invest an additional $1 billion into production.
The expansion of the studio would include ten additional stages, offices, mills, backlots, as well as post-production services, ABC News reported. The expansion project is expected to bring an additional 1,000 production jobs to the market in the next decade or so.
Netflix Commits $1 Billion More In New Mexico Production Funding As It Expands ABQ Studios; ‘Stranger Things’ Joins List Of Albuquerque-Set Shows https://t.co/Yd8ZYJZQr2 via @Deadline
— NM Economic Development (@NMecondev) November 23, 2020
“I am glad Netflix has chosen to double-down on its commitment to our state, and our partnership will continue to grow for the benefit of New Mexicans across the board,” New Mexico Gov. Michelle Lujan Grisham said in a statement, according to the report.
“It allows us to be more nimble in executing our production plans while cementing the status of the region as one of the leading production centers in North America,” Netflix co-CEO Ted Sarandos explained, according to ABC.
Sarandos also added that the closeness to Los Angeles, the crew base, as well as local talent played a big factor in the companies investment in their New Mexico studio, ABC News reported. (RELATED: Popular Netflix Show Causes Chess Sales To Spike By ‘Triple Digits’)
Around $24 million in state and local economic development is set to go towards the expansion of the studio, according to ABC. The city of Albuquerque is also set to funnel industrial revenue bonds in order to reduce taxes for Netflix.